Mumbai: Tata Motors, which has an aggressive growth plan and playing on the pricing front, today launched its much awaited maiden compact SUV Nexon, with killer prices starting at Rs 5.85 lakh for the petrol variant and at Rs 6.85 lakh for diesel version (ex-showroom Delhi).
The company, which for long has lost the market, has set an ambitious growth plan with a target of being in the top five players by 2020 has launched a slew of models since 2016, all playing on the price front.
"Our passenger vehicle market is dynamic. Connecting aspirations of our customers, with the Tata Nexon we offer an unparallelled package of style, performance and innovative features," said Guenter Butchek, CEO and MD, Tata Motors.
"The Nexon is the result of our intent to breakaway from the conventional approach of segmentation," Guenter said.
Nexon is the first sub-4 metre sports utility vehicle (SUV) from Tata Motors' stable and is expected to give a tough competition to the likes of Maruti's Vitara Brezza and Ford's EcoSport.
Nexon is the fourth passenger vehicle offering after the roll out of hatchback segment Tiago, the cross-over SUV Hexa and compact sedan Tigor since April 2016 from Tata Motors, which is struggling to make a mark in the passenger vehicle segment.
"Our focus is to introduce products that not only enhance the brand but simultaneously align well with the rising aspirations of customer segments. As part of the aggressive turnaround strategy, we have renewed focus on filling in product gaps and tapping the white spaces that will emerge," Mayank Pareek, President - Passenger Vehicle Business Unit, Tata Motors said.
Conceptualised as a lifestyle SUV for young progressive individuals, the Nexon is the culmination of this radical shift in thinking and will further expand Tata Motors' addressable market, he added.
Sounding bullish on the auto industry growth in the current fiscal as well, Pareek said in the last five quarters Tata Motors has outperformed the market by significant margins.
"We are slowly but gradually expanding our network too. We have added more than 200 outlets in the last two years and aiming to have 1,200 by 2012. We are also exploring the possibility of digital and virtual showrooms as well," he said.
Pareek said at present Tata Motors has about 50 per cent market coverage and with the launch of Nexon it is expected to go up to 70 per cent.
With the upcoming launches in the next two years, Tata Motors should have 90 per cent market coverage by 2020 with products in almost every segment of the passenger vehicle segment, he added.
Asked if the company was late in the segment, Pareek said, "There is a definite last entrant advantage that we have, wherein we don't have to make our own mistakes and learn from our competitors mistakes."
Targeted at personal car buyers, the Tata Nexon is the 4th product based on the 'Impact Design' philosophy, which is trying to recreate Tata's brand image in the consumer market.